Connectivity gives boost to Hanoi's neighboring real estate
Updated at Wednesday, 08 Aug 2018, 15:07
The Hanoitimes - Hanoi real estate market is witnessing a strong shift from the inner city to the outskirts and beyond.
Many areas on the outskirts of Hanoi have awaken up and emerged as new real estate spots thanks to the advantage of large land funds and more synchronized connectivity with the inner city.
Ecopark urban area.
The Ecopark urban area, located in Hung Yen province adjacent to Hanoi, has attracted buyers becasue it spans on a large area and is well connected to the center of Hanoi through new brigdes across the Red river.
Ecopark's real estate products are ussualy highly demanded, even at the time the local real estate market was in the doldrums.
Representatives of Viet Hung Urban Development and Investment JSC, the investor of Ecopark, said that the attraction of Ecopark stems from not only the green design and synchronous infrastructure, but also from the varierty of products that range from low-cost to high-end and luxury.
The success of Ecopark is expected to attract more large developers and create a driving force for the whole region, as the Phu My Hung high-end project in District 7 Ho Chi Minh City did, said the representative.
Like Ecopark in Hung Yen province, the real estate market in Vinh Phuc province to the north of Hanoi has become increasingly bustling with a strong increase in both supply and demand. the capital town of Vinh Yen is becoming the center of the real estate market in Vinh Phuc, and holds strong potential for development in the future.
According to industry insiders, real estate in Hanoi's neighboring provinces still has large room for development. Besides Hung Yen and Vinh Phuc, Thai Nguyen and Bac Ninh have also caught investors' attention thanks to the presence of hi-tech industrial clusters and giants from South Korea and Japan.
In Thai Nguyen, by the end of the second quarter of 2018, up to 3,000 apartments, more than 400 villas, and a large number of land plots were sold.
In Bac Ninh province, more than 10,000 landed houses have been developed in new industrial zones and administrative areas such as Bac Ninh, Tu Son, Thuan Thanh, Tien Du, Que Vo, Yen Phong, with the absorption rate reaching 60%.
Benefit from infrastructure
Connectivity in the northern region has become stronger with the government's master plans. The prime minister in 2015 approved the plan for transport development in the northern key economic region until 2020 with a vision to 2030.
In May 2016, the prime minister approved the revised zoning plan of Hanoi and its surroundings until 2030 with a vision to 2050. One of the most important goals of the new planning is to provide a basis for the elaboration and adjustment of provincial and regional construction planning along the belt roads, inter-provincial highways, special areas and functional areas, general planning of urban areas, and technical infrastructure planning.
Those plans also serve as the basis for the development of urban centers and specialized urban areas that can be a driving force in the region by strengthening the linkage and effective utilization of the ring road system and economic corridors connecting and passing by Hanoi.
Vu Dang Dung from the Hanoi Real Estate Club, a member of the Vietnam Real Estate Association, said that the real estate market in the provinces surrounding Hanoi, especially those to the east and south, are benefiting from the infrastructure projects that are well designed and synchronous.
“Strategic decisions by the government have facilitated the infrastructure system in general, especially the transport infrastructure that connects Hanoi's crowded center with areas previously thought to be remote. But the most important point is that the regional connectivity strategy has provided an opportunity for the real estate market in the provinces around Hanoi to boom,” Dung stressed.